Client Money Accounts - Property Sector

christian_conex

Hi.
We are a small business, not currently making much of a profit however the property sector regulations state that we need to hold client money in a separate account. I wondered if anyone could recommend the best organisation to use where we can have a business bank account and a separate client money account.

Thank you all.
Christian

mwarby

Who do you currently bank with ? Can they offer a second account ?

jonesMUFCforever

All banks will offer a Clients business account for you.

Thrugelmir

Are you currently operating your business activity through a personal account? 

mwarby

I expect there is already a business account, but there is now a requirement to store client money like deposits and rent paid upfront separately to the main business account. The idea being that should the business become insolvent that these client money’s are protected

mwarby

At a guess it’s this scheme(,https://www.gov.uk/client-money-protection-scheme-property-agents) and the client money account is a requirement of the particular scheme the OP has/is signing up for